10243. Labor National Bank of Montana (Three Forks, MT)

View Charter #12361 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12361
Charter Number
12361
Start Date
September 10, 1931
Location
Three Forks, Montana (45.891, -111.552)

Metadata

Model
gpt-5-mini
Short Digest
4f95827189df70bf

Response Measures

None

Receivership Details

Depositor recovery rate
69.8%
Date receivership started
1931-09-19
Date receivership terminated
1936-03-18
OCC cause of failure
Economic conditions
Share of assets assessed as good
21.5%
Share of assets assessed as doubtful
68.9%
Share of assets assessed as worthless
9.6%

Description

The bank suspended business on Sept. 10, 1931 and a receiver (J. H. Morrow) was appointed; subsequent articles describe receiver actions and dividend distribution — indicating permanent closure and receivership rather than reopening.

Events (6)
1. April 20, 1923 Chartered
Source
historical_nic
2. September 10, 1931 Receivership
Newspaper Excerpt
J. H. Morrow, receiver of the Labor National Bank of Montana at Three Forks, has instituted suit ... The Three Forks bank suspended business Sept. 10. 1931.
Source
newspapers
3. September 10, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended and later placed in receivership; complaint alleges improper pledging of assets and inadequate assets to pay depositors indicating insolvency or mismanagement.
Newspaper Excerpt
The Three Forks bank suspended business Sept. 10. 1931.
Source
newspapers
4. September 19, 1931 Receivership
Source
historical_nic
5. February 11, 1932 Other
Newspaper Excerpt
J. H. Morrow, Receiver of the Labor National Bank of Montana at Three Forks, announces that a dividend of 10% will be paid to the creditors who have proven their claims against this bank, which closed September, 10, 1931.
Source
newspapers
6. April 14, 1932 Other
Newspaper Excerpt
J. H. Morrow, as receiver of the Labor National Bank of Three Forks, has filed suit in the district court seeking a judgment of $100 against H. J. DeChant.
Source
newspapers

Newspaper Articles (3)
1. December 18, 1931 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, December 18, 1931

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Article Text

Receiver of Bank Brings Action to Recover Securities J. H. Morrow, receiver of the Labor National Bank of Montana at Three Forks, has instituted suit in federal court against the Security Trust and Savings bank of Billings, and William Riddell, of the United Mine Workers of America, district No. 27, to recover certain securities transferred from the labor bank to the Billings institution. The Three Forks bank suspended business Sept. 10. 1931. On Aug. 29 preceding it delivered to the Security bank certain securities, valued at $6,000. as security for funds of the mine workers union, then on deposit. The Billings bank accepted the trust. It is alleged in the complaint that the Labor National Bank of Montana did not have power or authority to pledge part of its assets or security for the private deposits of the mine workers organization The plaintiff also contends that the action gave the union preference when the bank property and assets were inadequate to pay depositors. The plaintiff asks that the trust agreement be held void. and that the defendant bank be ordered to deliver the securities to the plaintiff. George Y. Patten Bozeman attorney. represents the plaintiff.

2. February 11, 1932 Three Forks Herald Three Forks, MT
Article from Three Forks Herald, February 11, 1932

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Article Text

LABOR BANK RECEIVER DECLARES 10% DIVIDEND Checks Will Be Ready For Distribution About March 15th Morrow States J. H. Morrow, Receiver of the Labor National Bank of Montana at Three Forks, announces that a dividend of 10% will be paid to the creditors who have proven their claims against this bank, which closed September, 10, 1931. Checks for the dividend have been forwarded to the Comptroller of the Currency for signature, and should be returned and ready for delivery to holders of Receiver's certificates, about March 15th. Creditors must present their Receiver's certificates for endorsement when calling for dividend checks.

3. April 14, 1932 Three Forks News Three Forks, MT
Article from Three Forks News, April 14, 1932

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Article Text

SUIT FILED J. H. Morrow, as receiver of the Labor National Bank of Three Forks, has filed suit in the distriet court seeking a judgment of $100 against H. J. DeChant. The suit alleges that DeChant was a stockholder in the bank and is liable for that amount G. Y. Patten is attorney for the bank's receiver.